Time is running out for first-time home buyers to qualify for a federal tax credit of up to $8,000, and real-estate groups have been lobbying for extending the credit into next year. The current credit expires Nov. 30.

According to a survey commissioned by real-estate Web site Zillow.com and released this week, 18% of prospective first-time home buyers said an extended credit would be the primary influence on their decision to buy a home next year. Twenty-five percent said the credit would be a "significant influence," 27% said the credit would have "some" influence, and 31% said it would have no influence on their decision.

"Although nearly two million first-time home buyers may receive the tax credit if it is extended for another year, the incremental impact of the credit is far smaller," said Stan Humphries, Zillow's chief economist, in a news release this week.

"These numbers suggest that extending the credit might bring an additional 334,000 home buyers who would not otherwise purchase a home into the market. While 334,000 may seem like a small number relative to the total number of home buyers who would claim the credit, their addition to the market next year could make the difference between a robust annual increase in home sales next year and a flat or negative change in home sales relative to this year," he added.

The cost of bringing the first-time buyers into the market is somewhat high, however, when you figure that many would have bought even without a credit, he added.

"Assuming 1.86 million first-time buyers take advantage of the full credit once extended, this translates into an additional $14.86 billion in government spending," Humphries said. "For every five home buyers who receive the credit, four would have bought their home even without the credit."

Read more real estate news in this week's pages, including what should happen when you pay off your mortgage and why one organization believes foreclosure mediation efforts aren't working.

As Congress weighs the pros and cons of extending -- or even expanding the credit -- it'll also be paying attention to statistics like the one released this week that showed sales of existing homes fell in August. Soon lawmakers will decide just how much they are committed to making more renters homeowners -- and at what cost.

-- Amy Hoak, Real Estate writer

Here's what should happen when you pay off your mortgage

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Despite a record drop in prices, sales of new homes flattened out in August after four months of strong increases, the Commerce Department estimated Friday. See Economic Report.

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Foreclosure-mediation programs falter: report

Over the past year, a number of state and local programs came into effect requiring mediations or conferences before foreclosure sales take place, which could help some homeowners possibly modify their mortgages before losing their homes, according to the National Consumer Law Center. See full story.

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Existing home sales drop 2.7% in August to 5.10 million pace

Resales of U.S. homes dropped 2.7% in August to a seasonally adjusted annual rate of 5.10 million, the first decline in five months, the National Association of Realtors reported Thursday. See Economic Report.

Mortgage rates hold at three-month lows

Mortgage rates held their three-month lows this week, with the 30-year fixed-rate mortgage averaging 5.04%, unchanged from last week, according to Freddie Mac's weekly survey of conforming mortgage rates. See Mortgages.

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Home prices rise 0.3% in July from June, FHFA says

The market value of U.S. homes rose by a seasonally adjusted 0.3% in July compared with June, the third monthly increase this year, the Federal Housing Finance Agency reported Tuesday. See Economic Report.

Upward trend in home prices may be temporary

Home prices have been on the rise in recent months, but economist Patrick Newport of IHS Global Insight says this has been only a temporary respite thanks to the tax credit for first-time buyers. "Once the credit goes away, you're gonna see demand take a hit, sales, starts drop, and housing prices resume their downward trend." Newport thinks home prices will fall another 5 percent before bottoming next year. Listen to Audio Report.

Mortgage filings rebound, up 12.8% last week: MBA

Applications for mortgages rose a 12.8% last week from the pace of filings seen the week before, boosted by greater activity in refinancings, the Mortgage Bankers Association reported on Wednesday. See full story.

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